The beginning, the end, and the dove in-between

This week FOMC meeting ended up as expected, leaving the monetary policy stance unchanged. The economic diagnosis was upgraded by a notch, while forecasts were marked down for activity and prices. The focus remains on the date of the first rate hike. FOMC members do not seem to be in a hurry, but there is no way to be sure because policy is data-dependent. As Janet Yellen repeated more than once, the date at which the hiking cycle begins matters less than its pace and duration.